The takeover of West Bromwich Albion by Florida-based businessman Shilen Patel is a step closer after the Championship club’s current owner Guochuan Lai agreed a deal to repay a loan he secured on shares in West Brom’s parent company. Lai borrowed £2million from a company controlled by local entrepreneur Alex Hearn in 2021. Repayment was scheduled for last week but the Chinese businessman failed to settle the debt, which meant Hearn was entitled to claim at least 2.35 per cent of West Bromwich Albion Holdings. The outstanding amount had already grown to more than £4million and a default interest rate had just kicked in, which had the potential to see the debt grow quickly, potentially giving Hearn the right to claim a larger stake in the club. As a result, he had been in talks about joining Cheshire-based lawyer Chris Farnell’s bid for the club as a minority partner. However, with the Patel bid now in the lead, Hearn has decided to let Lai repay him in three instalments over...